You can do further effects by using Boris Graffiti, Boris FX, or Boris Red if they're on your system. If my memory serves me right, you can access these plugins by creating a composition clip in the video timeline (look for an option to do that via the menubar) and then double clicking on the composition clip to enter the boris programme. Don't forget to save your changes back to the composition clip afterwards! Boris FX can also use After Effects plugins, if they're copied to the Boris folder, so this is a neat way to use After Effects effects, without having to export. Once you've applied your effects, you'll need to render them.
The other way to start boris is simply when you have a transition, double click on it, and it'll show up in the edit suite window - and there are three icons in the top right that dictate whether it's a dissolve effect, another sort of effect, or yet another catagory...it's been a good year or so since I've used it...but I think the third icon is the one you want [the icon shows a page turn effect], and once selected, you can choose from a variety of other transition effects. These include some built into Media100, some Quicktime effects that came with Quicktime Pro / OS9, and finally Boris. If you select Boris, you can then click the EDIT.. button, and it'll launch the boris plugin programme - be it Boris FX or Boris Red.
If you want to use Boris graffiti, which is mainly for text, you just create a title track, in the title part of the timeline, and then double click it. This allows you to do cool stuff with text, and also 3D text - although the latter can be very slow. =P
What I've typed above is just off of the top of my head, I've been out of practice using any of this stuff for about a year or so now.
But my moment of pride was being lucky enough to come second in the Best of Boris competition in early 2008, for effects I accomplished in Media100 version 7.5 on OS9...! So yep, it's very old, but cool stuff can be done with it. =)
See
http://www.media100.com/stories/mehta.php for the insanely complicated tutorial, that won me the compo. =S
Suffice to say - Black and White is simple, and doesn't require any of the above. Just use that arrow Floh talked about, to flip down the extra options in the Edit Suite window, and select the black and white preset from the list, and click apply. =) Reverse, speed up, and other groovy options should be there as well. ^_^.